Shark Tank investor Daymond John announced $100,000 in grants for Black entrepreneurs through the NAACP Powershift program, launching October 24, 2024. The initiative splits into four $25,000 grants, funded by JPMorgan Chase, Hilton, T-Mobile for Business, and Constant Contact. Applications remain open through November 1, 2024, with winners announced at the fifth annual Black Entrepreneurs Day on November 22.
The event will take place at Atlanta's iconic Fox Theater. Free registration is open on BlackEntrepreneursDay.com for both in-person attendance and digital streaming. The NAACP oversees grant selection, requiring no equity from recipients. Past distributions have supported over 40 Black-owned businesses across multiple industries.
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Daymond John of Shark Tank moves Black Entrepreneurs Day to Atlanta with $100K Fund
The NAACP Powershift grant program have started accepting submissions from October 24. Each selected business will receive $25,000 in direct funding support.
"If you get these funds, they will be put to good use and help you, I think that's all you really need," John states about the grant requirements.
The application evaluation focuses on business vision and practical implementation strategies. Grant recipients maintain complete control of their business operations, as the funding includes no ownership transfer requirements.
Shark Tank star emphasized specific criteria for applicants:
"If you can articulate that vision and explain whom you're solving a problem for, why you're the one to solve the problem."
Applications should include detailed plans for fund allocation and business growth strategies. The selection process examines how effectively entrepreneurs can execute their proposed solutions. Past grant distributions have supported over 40 Black-owned businesses across various sectors.
The 2023 program distributed over $200,000 in grants to Black-owned businesses. This year's awards will take total program funding beyond $1 million. Previous recipients have launched businesses across multiple industries.
The NAACP partnership strengthens the grant selection process through established evaluation criteria. When discussing about program’s effectiveness, John stated,
"With social media and technology, things are getting democratized…there is information out there on what works, what doesn’t work. … You add that with funding, with inspiration, [and] I think we have a better shot now than ever before.”
Event details
Grammy-winning artist Kelly Rowland leads the lineup of guest speakers at the Fox Theater gathering. Media personality Charlamagne tha God will share business insights during the event. Olympic gymnast Jordan Chiles will bring her expertise through a JP Morgan Wealth Management presentation.
Atlanta-based rapper 2 Chainz, presented by Raising Cane's, will deliver a live performance. The event features financial educators Rashad Bilal and Troy Millings from Earn Your Leisure, who will discuss monetary strategies for business growth.
Black Entrepreneurs Day provides multiple attendance options for participants. The Fox Theater will welcome in-person attendees through free registration at BlackEntrepreneursDay.com.
Digital participants can access live streams through the official website. The event broadcasts simultaneously across Shark Tank star’s social media channels. Attendees at the physical venue will experience the Entrepreneur Plaza, featuring interactive brand exhibits from corporate partners.
Verified partner contributions
Major corporations have committed substantial resources to support the initiative. JPMorgan Chase continues its involvement from previous years, providing both funding and business development resources.
T-Mobile offers technological infrastructure guidance for grant recipients. Hilton contributes business travel support services alongside its financial commitment. Constant Contact provides marketing strategy assistance and promotional tools for selected businesses.
Shark Tank investor John Daymond also appreciated all partners stating,
“I want to extend my heartfelt gratitude to our partners for their unwavering support of Black businesses; they are truly walking the walk in a time when commitment to diversity and inclusion is more important than ever."
John, marking his 16th season on ABC's Emmy Award-winning Shark Tank, continues to expand business funding opportunities through the Black Entrepreneurs Day initiative.
Applications for the $100,000 grant program remain open through November 1 at BlackEntrepreneursDay.com.
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